Published 51 minutes ago by
Brian Bollinger. The ongoing correction in XRP coin prices is following a bullish pattern known as the ‘flag’. This continuation pattern encourages a temporary phase of retracement to replenish bullish momentum. It eventually leads to a sustained rebound upon the breakout from its resistance trendline. The Ripple coin price at press time was $0.395, with an intraday trade of 0.55%. However, excluding the influence of flag pattern, there are three reasons why XRP price may witness significant rally in 2023advertisementSource- TradingviewFormation Of Bullish PatternThe XRP price in the weekly time frame chart shows the formation of a double bottom pattern. This bullish reversal pattern can be seen in the market bottom and could cause a significant Bull Run. The price bounced twice from support, indicating strong accumulation by traders. The XRP price has been forming the right wing in this pattern, following the recent recovery in crypto markets. It bounced back from $0.311-$0.371 resistance zone. Trending StoriesThis bullish pattern could drive the price to $0.55 neckline resistance in an ideal consolidation. A breakout from this neckline could trigger the bullish trend and increase the buying pressure in market. Source: Tradingview. The base support for the double bottom pattern was $0.311-$0.371. The XRP price has rebounded over the past seven months from the support. This indicates that aggressive sellers have not been able to push the coin lower. The RSI slope indicator for weekly bullish signals has an obvious rise. While the XRP price action appears to be almost sideways, it is clearly rising. The Relative Strength Index (RSI) is a popular technical analysis indicator used to measure the strength of asset price action by comparing the magnitude of its recent gains to its recent losses.advertisementThus, the bullish divergence in the RSI slope indicates the increasing buying pressure at $0.311-$0.371 support and a higher possibility that traders may follow the double bottom pattern.Resistance Levels: $0.422 and $0.55
Support Levels: $0.38 & $0.361
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.